Sec.40A
This query is : Resolved
02 August 2010
Donation to charitable trust made in cash amounting to Rs.40000. Is it allowed as deuction u/h PGBP? What is the provision?
02 August 2010
First of all it would be added back in the Income of Profits and Gains of Business or Profession if debited to Profit and Loss account.
A deduction would be allowable only if the charitable trust is registered with the Commissioner of Income - Tax and approval has been granted (a certificate is issued for the purpose of section 80G).
A 50% of donation is eligible for deduction subject to the 10% of gross total income.
A deduction would be allowable only if the charitable trust is registered with the Commissioner of Income - Tax and approval has been granted (a certificate is issued for the purpose of section 80G).
A 50% of donation is eligible for deduction subject to the 10% of gross total income.
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02 August 2010
Agree with expert. Donation is generally treated as personal expenditure hence not deductible under PGBP.
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